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Informist, Thursday, Nov. 27, 2025

 

--Banking secy: To soon launch unified portal to claim all unclaimed assets 
--CONTEXT: Banking Secy Nagaraju speaking at PNB event 
--Banking secy: Working with RBI for single portal to claim unclaimed assets

 

NEW DELHI – The finance ministry is currently working with the Reserve Bank of India to develop a unified portal to enable savers and retail investors to claim all unclaimed assets across asset classes such as bank deposits, pension fund, shares, and dividends, Department of Financial Services Secretary M. Nagaraju said Thursday. The portal will be launched shortly, Nagaraju said while speaking at an event here. 

Given the lack of education and awareness on the issue, huge amounts of unclaimed assets lie idle in accounts, Nagaraju said. With the government's constant thrust on financial inclusion and financial education, the government is trying to help citizens claim their rightful savings, he said.  

Minister of State for Finance Pankaj Chaudhary, who was also present at the event, said that the government had already taken initiatives to address a few issues in claiming idle assets, including increasing the number of nominees per bank account to four, for better possibility of claim. Despite the measures, more had to be done, he said.

Together with political leaders, bank managements and government officials, the government is organising nationwide camps to help citizens claim their idle assets. In the current drive that began in October and will continue till December, unclaimed assets worth INR 18.87 billion are being returned to citizens. In this endeavour, the Pension Fund Regulatory and Development Authority, the Insurance Regulatory and Development Authority of India, and the Securities and Exchange Board of India are also working with the finance ministry, he added. 

 

According to the RBI, banks held INR 670 billion worth of unclaimed deposits as on Jun. 30. Of this, public sector banks held INR 583.30 billion and private banks had INR 86.74 billion of unclaimed deposits.  End

 

Reported by Priyasmita Dutta

Edited by Avishek Dutta

 

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